Rupee weakens sharply against USD to touch 40.50 level

Mumbai, Mar 7: The Rupee today opened at 40.47/48 per US Dollar on extremely weak note and slid seventeen paise from its previous close at 40.30/31 per dollar to touch a low of more than six months in the early trade on heavy outflow in the forex market. The local unit weakened beyond 40.50 per dollar in early deals as the Sensex tumbled over 575 points on weak global cues. Asian stock markets also sharply fell on raised fears that foreigners will sell local shares and repatriate the funds, brokers said.

UNI